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below 2% gdp and bring down national debt dead relative to size relative to size of the economy in 10 years. brewster the nation's fiscal cut that tax loopholes that take a fair and balanced approach. at the same time the budget incorporates elements to speaker by last december. they make the difficult choices to find common ground. consistent with that offer come in the budget includes being the president would not put forward such as means testing command that a character in a related premiums and the more accurate the less generous measure of inflation. it includes proposals only so they come together around a complete and comprehensive package to shrink the deficit by $1.8 trillion over 10 years and are meant the fiscal uncertainty that hampers economic growth and job creation. this remark does not represent the starting point for negotiation. represent tagamet savings and additional roadrunners for those of the. the two cannot be separated and were not separated last december when we were close to a bipartisan agreement. this budget provides achievable solutions to fiscal p
the economy to improve, but at a slower rate than the united states and develops nations. he's attending the g20 finance minister meetings. from the council on foreign relations, this is an hour. >> [inaudible] >> well, ladies and gentlemen, i'm cochair of the council on foreign relations, and we are privileged, indeed to have with us the honorable, highly experienced german government offiho crrently serving a minister o finance. you have the resumÉ, we are running late, and to maximize time for conversation, i'll be undipmatically brief, but let me say that minister has held four positions of chandler cole who served as federal minister for special tasks, head of the council and minister of the interior. under chancellor merkel 2005 to 2009 served as ministers of the interior. he is a long standing leader of the christian democratic union serving as its chair in 1991. he's bee a 1972 serving as parment ri whip from 1981-84, and in 1990, led negotiations for the reimplication of east east germ. he is proficient in economics of law, a doctor of law, and he's written a number of books most rec
, that doesn't involve risks to the government micromanaging the economy. if you say okay which is going to have a flat tariff of 10% or 20% or 30% whatever it takes to get to a zero trade deficit that doesn't introduce a lot of corruption or a lot of dangers bad policymaking because it's a very simple policy. it's just determined by an arithmetical formula and there's no opportunity for anybody to play games. one of the good things about it if you have a flat tariff, is if you had a 30% tariff on imported goods that's not enough to relocate the production of t-shirts that united states because cost is too great. it's great to relocate things like silicon wafer fabrication so would tend to relocate back to the u.s. high value capital-intensive skill intensive industries which is of course what we want to do. those are the industries that are high-quality -- high-quality into she wants to have and those are the industries that don't want to lose. i point that out just to point out that if you do get serious about protectionism, protectionism has a logic to it which if you understand what
agricultural workers to seek nonfarm jobs as economy improved in the 1990s. the special agricultural workers who left farm work were replaced by new arrived unauthorized migrant. by 1997 and 1998 it was estimated that the special agricultural workers were only about 16% of the crop workers. so, mr. connor, aren't we afraid or shouldn't we be afraid giving legal status to people here illegally will repeat the mistakes we made in 1986 putting the ag industry in the same position in the long run. in other words it comes about because of farmers come to us and they need workers. okay. we bring in the workers. then they migrate someplace else and people illegally came in after wards. how do we avoid the mistake we made in 1986? >> senate grassley, your question is a great question. it's -- it goes to the heart of fundamentally of the basis of our negotiation that on o- curing in senator feinstein's office. the blue card program for the current existing trained work force is an important component. equal we don't know with absolute certainty over the next decade or so what is going to be the statu
each other's lives. it is of a free market economy that grants everyone a fair chance and an unfettered start in the race of life. it is of a voluntary civil society that strengthens our commuters, protects the vulnerable, and minds the gaps to make sure no one gets left behind. and it is of a just tolerance and sustainable federal government that protects and complements free enterprise and civil society rather than presuming to replace them. this vision will not realize itself. the left, the inertia of the status quo, and the entire economy of this city stand a raid against it. realizing it will sometimes require conservatives to take on entrenched interests and policies and political third rail. many of these will be interests traditionally aligned with and financially generous to establishments within both political parties become sometimes it will require us to stand up for those that no one else will. the unborn child in the womb, the poor student in the failing school, the reformed father of my wishing in prison, the single mom trapped in poverty, and the splintering neighborhood
rights prevail our countries where people do better, economies thrive, rule of law is stronger, governments are more effective and more responsive, and they are countries that lead on the world stage and project stability across their regions. strong respect for human rights isn't merely an indicator that a country is likely doing well. it actually unleashes a countries potential, and it helps to advance growth and progress. so i ask you just to think of the country like burma for a minute. because of steps towards democratic reform and stronger human rights protections, a country that had been isolated for years is now making progress. as it reached where we wanted to be? know, but it's on the road. it's moving. and more people are contributed economy and participating in the government, leading toasr growth andnt. and by starting to embrace universal rights, the burmese government has opened the doors to a stronger partnership with their neighborhood and with countries around the world. many challenges remain. corruption has to be rooted out. remaining political prisoners nee
manufacturing sector, creating new jobs and growing the economy for american families. energy is the foundation of our economy. we need to focus on the promise of prosperity. north american energy prosperity and the abundance that it offers to our country. america's greatness is tied to our freedom to produce and build things. republicans have a plan to grow our economy by making america a nation of builders once again. we want to streamline our government, cut red tape, and unleash the power of north american energy. with these things we can revitalize american manufacturing, and foster long-term economic growth and job creation for our citizens. lastly, we're determined to get to the truth regarding the terrorist attack on our nation's in benghazi, libya. in which three americans lost their lives. last year, i directed five committees to look at there is parts of this investigation. the next week, these committees will provide a comprehensive progress report on the investigation up to now. and this progress report will not represent the conclusion of their investigation, but it will be the be
teach japan economy at georgetown. you're making the summit interesting again. the interesting problems that you face, and i d not envy you, is you said the fits call consolidation, the consumption tax will go up next year and the following year, and you're certainly aware that will take a big hit on consumption on income that will have a negative impact on the economy, and i'm wondering how you're balancing these two different issues of fiscal consolidation and demand. [speaking japanese] >> translator: i think you have hit on the most important point, because whenever we may try to increase the taxes, it does not necessarily result in increasing the tax revenue. we have known the actual examples which have happened in the past in many nrsakg ne >> you can watch the rest of this online as we take you live now to the heritage foundation in washington, d.c. for remarks by senator mike lee of utah. he'll be talking about the conservative movement and the future of the republican party. >> in his most recent book, "we still hold these truths: rediscovering our principles, reclaiming our fu
to reduce the deficit in a balanced way, a way that doesn't punish the american people and our economy in the meantime. legislation that i'm proposing is simple. and it deserves quick approval. -- no reason to go back even though i would agree to it, let's -- to the buffett rule, let's do some spending cuts, do some more cutting, we've tried that. it wouldn't work. let's try the flexibility. that also won't work because you're dealing with the same amount of money. so i would hope that this simple solution i'm suggesting will be supported by my republican friends. establishing binding caps on war spending. the wars are winding down for certain. right now there's $650 billion there. and as this bill proposes, the one i will ask consent on, it will close that loophole and produce more than enough savings to offset the cost of delaying sequestration for five months. let's put a stop to the furloughs and delays that put a stop to the job losses. let's put a stop to the devastating cuts to programs that keep our poor children from getting an equal shot in life, our senior citizens, our home
know you're aware that six of the 10 fastest-growing economies in the world are located in sub-saharan africa, and it is my hope to the extent possible that the state department will prioritize trade with the african nation. you should know that we have a bipartisan bicameral effort working in conjunction with chairman smith to quickly put forward a renewal of the africa growth and opportunity act. so i have four questions i would like to ask you. i wanted to know what steps are you taking to focus on africa's extraordinary growth potential? what are your thoughts about the u.s. appointing a special envoy to the drc? does the request for peacekeeping operations accurately reflect the growing needs on the continent? and can you comment on the significance of the 6% cut to usaid hiv/aids funding? >> thank you very much, congresswoman. let me emphasize first of all that we were really pleased that pepfar was able to be held whole. i think that's vital. i have personally visited, i was in durbin, north of durbin, in the mountains watching of the program is being effectively adminis
but if we meet in the middle we can do a lot of good for americans and for our economy. we are feeling very good about this, things are moving in a very good way and the supported -- the president supported our proposal it is in the right place to be because even if people don't agree with every single part i don't want to give you the impression he is begrudging but he is enthusiastic. and we are playing it just right moving forward by giving us the space to come up with the agreement and we thank him for doing that and he will continue to do that to get a bill done. >> we briefed the president on a number of details and a proposal that gang of 8 is coming up with that we will be bringing forward to the united states senate as short of a time as this evening. but the process we went through having been in the senate to have this process before was very supportive. the president realizes everybody didn't want -- get what they wanted completely but it is a product of compromise we appreciate his support and we believe that is important as we move forward with the process. that this is the be
of our economy, that is online businesses that are selling to the nation where we have seen tremendous growth, that we owe it to the american people to have this go through regular order. and you know, i have heard the senate leader talk about regular order. i have heard the minority leader, senator mcconnell, talk about regular order, and here we are again not going through regular order. this should go to the finance committee. it should be thoroughly marked up in that committee. and i see senator hatch here. senator baucus and senator hatch both believe that this should go through the proper committee of jurisdiction so that we can address the concerns raised by so many about the bill and the way it is drafted. so with that, mr. president, i would urge my colleagues to vote against closure. this is not the right way to do business. this bill that has very important and negative implications on many businesses in this country and on a very important area of our economy should go through regular order to address concerns that have already been raised by many business groups, and so, m
unemployment. and she revolutionized the economy with free-market ideas in her ten years of service that ushered in a new decade of prosperity. when she took office, the top income tax rate was 83%. it was cut to 60% and then to 40%. the middle tax rate was cut to 30%. and the lowest tax rate was eliminated altogether. when she took office, the top corporate tax rate was 53%. she cut it to 35%. the top capital gains tax rate was a stifling 75%. thatcher cut it to 30%. and as a result, a progrowth policies, unemployment fell from a high of 12% early in her tenure to 7.5% near the end. public spending as a percentage of g.d.p. fell from 45.1% of g.d.p. to 39.4% of g.d.p. and inflation fell from almost 22% in 1979 to a low rate of 2.4% in 1986. but perhaps the most telling tribute to margaret thatcher's leadership is that three days after she gave her britain await speech, that heroic speech she was dubbed "the iron lady" in the communist news outlet "the red star." when your military enemies are describing you as formidable as the iron lady, it indicates that you're winning the argume
care sector which now constitutes more than one sixth of the american economy. it's a cornerstone of security for tens of millions of americans. the growth of this program which will only accelerate as more and more baby boomers retire as a prime driver of our long-term fiscal challenges. there is a wide debate as to whether this lower rate of growth in recent years means we have finally turned the corner or rather will begin to accelerate again as we continue to recover from the great recession. to explore these issues and possible responses to them, we have, i'm delighted to say, assembled an all-star cast. their full biographies are available at this event and also on line so i will just hit the high points in order of their initial presentations. robert reischauer to my immediate left is president of american institute and a former director of the congressional budget office and served as a public trustee of the social security and medicare trust fund. to his left is james capretta a former associate director for heart home health care social security education welfare program
the economy grow and create jobs, protect the middle class, and protect seen yours. the president is engaged in a process with lawmakers where he's trying to find commonground to see if commonground exists with republicans around the basic principle to reduce the budget in a balanced way, and he's put forward a plan that would do that eliminating the sequester in the process. when it comes to delays, though, congress has to act in order to avert delays. >> prioritizing spending under the faa, but you want the sequester to inflict maximum -- >> since we did everything we could to avert the sequester, and, unfortunately, the republicans decided as a political matter it was a home run for them to inflick this upon the american people, i think that suggestion just doesn't hold water. secondly, the faa did take action, all the action it could under the law to produce savings and avoid furloughs up until this point where because of the nature of their budget and the personnel heavy nature of their operation furloughs are the only option available to the faa at this time. again, if congress wants t
. indeed, our affordable universal service is crucial to the american economy and to american businesses that generate 95% of all mail. my written testimony offers a comprehensive set of options to restore the postal service to solvency. this morning i will cover, this afternoon i will cover the issues you specifically asked me to address in your invitation. on cost savings, the nalc and the other postal unions have contributed billions in savings through collective bargaining. that process concluded for just 12 weeks ago. the new nalc contract emerged from interest arbitration that focused on the financial condition of the postal service that led to award if you want to provide postal service with huge savings in the years to come. as we did during the great recession when we worked tirelessly with management to adjust routes to respond to mail voe' done, more must be done and congresseeds to do its part as well. i will highlight two cost reforms from the written testimony. first congress should repeal or dramatically reduce the retiree health prefunding mandate that caused over 80% of
dangers within our economy. one would be interest rates rising. i asked this to people i consider to be smart, big bankers, nature capital centers of the world. can they control just raising keep interest rates below? is there a point at which the central cannot keep pace. interest rate to 7% are when i was a kid, 19% were 21% would be catastrophic with this burden of debt. he seems to work right now, but there is a certain allusion of wealth in the stock market and evolution of the peace we can manage our debt. those are my concerns and because of that, we have to do long-range things. i propose several things since i've come. i propose fixing a security problem. to me it's an actuarial problem. you raise the age gradually 27862 thirds of the social security deficit. fix the remaining by testing the benefits. the president has occasionally sad he's for entitlement reform, but is not shown much leadership on this premise seems to benchmark per se, but any with him at least a 47 republican senators, we sat around a table that he and the vice president a year and half ago and i told
consumers, and back into the economy. earlier this year the cfpb finalized rules to strengthen mortgage standards. this includes the ability to -- the provision which requires lenders to make a good-faith effort to determine if the borrower can make his or her payments. this have been generally well-received by consumer and industry groups alike and i applaud the care the cfpb undertook in writing this rule. however, we must ensure that these rules do not have adverse impact on -- including rural areas. i look forward to hearing from director cordray on how this rule will impact rural lehning, which is an important issue in south dakota. finally, director cordray, your comments about reducing regulatory burden on community banks and credit unions. continue to be interested in your plans to make sure that we strike the right balance addressing consumers and addressing concerns smiler institutions may have. you have proven day in and day out that you are well-qualified for the position. even any colleagues across the aisle concede this point. i hope we can provide the market the certainty
economy have suddenly acquired this enormous interest in what we thought fifty years ago was -- [inaudible] there are many reasons. one is the arctic sea ice. we will see in the near future, i emphasize the near future, opening up both new shipping routes. linking asia to america and europe in the same way as the suez canal did in its time. one of the reasons why the leadership of china has shown interest in the arctic, they are already planning for a world where china will be the preimminent trading country in the world. and if they send their ships through the northern routes to europe and asia, the distance will be short end by more than 40%. china is already building ships for this purpose. they are already formulating plans indicating the number of vessels that will, in this decade, sail through this route. singapore has already gotten -- [inaudible] with the primary mission of finding a location for a big singapore hopper somewhere until the arctic region. so like the suez canal, indicated are trading transformation of the 20th century. the opening of the northern sea route will indi
or entity that recognized the importance of preventing further deterioration in the local economy and agreed to take responsibility for the effort to turn things around. the leader help facilitate collaboration which was essential not only because economic development is complicated and multidimensional but also for them more mossadegh reasoned that outside funders would require that all interested stakeholders commit to a strategic direction. the specific avenues to recover. among their cities identified in the boston study. some built on traditional strengths while others created new businesses from scratch. for example grand rapids michigan once known for its furniture manufacturing work to become a major medical center partnering with michigan state university in grand valley state universities to form the research center. similarly as in jersey city has successfully transformed itself from a manufacturing-based economy to a financial center. its proximity to new york city makes this transformation seem obvious in hindsight but other similarly situated cities have not made comparable str
and the economy, then it reverted back to talking about the economy and jobs, the president has been on the record quite a bit opposing legalization and the decriminalization of our drug laws. but he is very much on the record of saying that a public health approach would be most effective. so i looked at both candidates, i could not certainly be more supportive of not only the person that i work for, but the support that he has given, given me and given this office in reforming the policies that i talked to you about a minute ago. >> thank you. >> will thanks. >> how old you characterize the pharmaceutical companies' responses to the abuse of prescription narcotics? i know you touched on prescriptions, but we do have a question, wondering if you could expand. >> and there has been some progress by the pharmaceutical industry on this. first of all, as you know from some of the news releases yesterday from the food and drug administration, the abuse/deterrent formulas of these very powerful prescription drug oxycontin is not to going to become a generic that can be easily abused. in other words, in
of the current sanctions regime against iran? >> it is having a huge impact on our economy. no question with any measure you use inflation, unemployment, and availability of commodities having a tremendous impact by any measure that said it just yet has not induced changes in policy. >> to both of you relative to pakistan has pakistan changed its strategic calculation with respect to afghanistan and more specifically is there any change that we have determined and pakistan so far and willingness to deal with the afghan talnba which is the sanctuary in pakistan? . i believe they will continue to do. >> there's no gene's we have discerned a pakistan and so far their unwillingness to take on the taliban and -- >> inside pakistan, the sort to the tattered ban on pakistan to assist a threat to the pakistanis and they have, when they could -- they have also need to point out, last thousands of troops and the thought in pursuit of militants. >> i'm talking about the afghan military and. >> that's correct. >> is there any change in not? >> not basically. >> in terms of north korea, you've indicated i be
economies, our countries unsustainable debt. it's disingenuous and more importantly it's just wrong. defense spending accounts for approximately 18% of the federal spending annually while nonsecurity mandatory spending accounts for 60%. we are on a path where an insatiable appetite to face domestic spending in mandatory programs are consuming our defense budget and will soon result in a hollow military. the commander-in-chief must take a lead in restoring certainty to our budgeting process to ensure that our military leaders have appropriate resources to develop and execute plans and manage the department of defense efficiently. i've repeated the warnings of admiral cindi wind field the vice chairman of the joint chiefs many times over the last three months and this quote is an accurate cole which he is referring. quote i know if of no other time in history when we have competent julie down this far this fast and the defense budget. there could be for the first time in my career instances where we may be asked to respond to a crisis and we will have to say we cannot do it. we have to correct
vulnerable to the attacks on networks critical to our economy with national security iran and north career trying to get capabilities is cyberspace and widely to be responsible for some such attacks. china and russia possess capabilities for cyber theft such as intellectual property as well as the more traditional properties of as the niosh such as spying on a military weapon systems and capabilities. cconology and with cyber theft is us rafts that -- stuffed that cannot be tolerated to hear about the problem and the steps weshldak thesa pacific region from the dictatorial regime has caused ce here the und stat and our allah --alies in h pacific that has announced itinterntme plutonium production and testing a nuclear device in february that appears to have a greater yield of the previous test and has threatened any time to launch a missile like a further is s -- exacerbate tensions we read about conflicting intelligence assessments and north korea's ability to put a nuclear warhead with a long-range missile. we hope our witnesses could clear that issue up. in the middle east iran contin
private initiative to the economy, and reagan realized that. you don't find out about this at the reagan library but reagan met with gorbachev at reykjavik, famously, and the two almost agreed to nuclear disarmament. the reaganites in the defense department were horrified by this and put a stop to it but reagan didn't go all the way with reaganism when he had a chance to end the cold war, especially the nuclear threats. so it's a hard-core republican belief. if you remember the pup pup prime -- republican primaries of 2012, it was not that long ago there were eight or ten republican candidates in simi valley for a debate at the reagan library and every one of them said reagan set the example how maring be strong, reagan did with the soviet union and we should do it today in iran, we should do it -- we were right toy trite in iraq. america should use its power to achieve its spend destroy its enemies. i worked in the cold war and in the middle east. you have 29% of the american people agree with that today. >> richard, do you want to say something? you're leaning forward. >> no. >> okay.
, the economy, health care, immigration, all tough issues. people often ask me why i care so much about assault weapons, why i have stayed with this issue for more than 20 years now? the answer is this: in my view, the proliferation of this specific type of weapon goes to the heart of what kind of society in which we want to live. it goes to what kind of culture we're going to raise our children in. and that, mr. pres, brings us to the horrific massacre at newtown, connecticut, four months ago. sandy hook -- and a lot has been said about it, but i can't forget it. sandy hook was a safe school in a safe town. candidly, it was inconceivable that such a tragedy could happen there, but it did. i can't exaggerate how this senseless murder of 20 beautiful young children and six incredibly brave adults affected me and millions around this country. i think it's fair to say that this event really shocked the conscience of america. the pictures of these little victims still bring tears to the eyes of millions. i have been very impressed with one page of the "new york daily news," and i carry it when i ta
for inviting me today. the postal service plays an incredible role in the american economy it provides a national platform that every business and president relies on in the directly supports and 800 billion-dollar manning industry that employs 8 million people. america needs a financially healthy postal service. it needs a service that can adapt to changes and technology and the habits of american consumers. it needs a postal service that inspires confidence in the future. today the postal service faces tremendous financial challenge its ss model is not flexible and the future we lack the authority t fulfil our responsibilities to the great nation. unfortately bill all that controls the actions do not provthoryo t flexibility for it to continue as a self sustaining organization. we simply lack the tools under the law to solve the problems we face. if we are giving authority and the flexibility to quickly address our problems, we will do so. the board is directed to the management of the postal service exports and act upon every opportunity to generate new revenue and reduce cost. post
could have kept going for a long time. he was determined to democratize the economy and politics ad bring a private initiative to the economy and ronald reagan realized you don't find out much about this at the library but he met with gorbachev and the almost agreed to nuclear disarmament. in the defense did redmon they were horrified by this and put a stop to it but he didn't go all the way when he had a chance to end the cold war especially the nuclear threat so you do find it's a hard core beliefs today if you remember the republican primaries of 2012 it was sent but long ago there were these republican candidates for the debate at the library and everyone said he sets the example of how america can be strong and use its power to defeat its enemies he did it with the soviet union and we should do it today in iran and we were right to try it in iraq. america should use its power to destroy its enemies. it worked in the cold war and will work in the middle east. you have about 29% of the american people that agree today. >> richard, did you want to say something? you're leaning for
it. i don't care if people predicted less revenue, less revenue means more revenue in economy. if you in an enormous boost to ththe con and we like under kennedy, like under coolidge and like under reagan when you reduced rates, sometimes you get more revenue. that is because the deal is to be. same with immigration. we make it harder on ourselves are the debt commission, we make it a lot harder to find a deal when it has a thousand moving parts but i think we should go with the things we agree on and boom, boom, boom. it's why the rate -- that's why the public is so upset with us. all the stuff we agree on we won't pass because we say that will be the sweeter for the bigger deal. which we never seem to be able to get to one that break up all these big deals into smaller deals? i tried to pass the stand these a, science and technology these is expanding those. i tried to pass it by unanimous consent. than schumer came up and said no, but i will pass, how about passing mind by unanimous consent? i was quite. i would've let this go by unanimous consent. they would have been shocked. i t
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